Connect with us
Active Currencies 14355
Market Cap $2,754,721,294,253.70
Bitcoin Share 50.49%
24h Market Cap Change $8.37

Binance strives to be the leading crypto exchange amid market uncertainties

5min Read

Share this article

Cryptocurrencies have become well-known in the past few years, and although many were initially skeptical about their impact on the financial sector, these assets are still a topic for discussion in 2023. Currently, more than 22,900 digital assets are in circulation, among which 360 can be traded on Binance, the largest cryptocurrency exchange in the world. The platform was launched in 2017, and it features a solid focus on altcoin trading and provides valuable information for beginner traders who want to learn how to buy Ethereum.

Binance became one of the top crypto exchanges worldwide within a few months of its creation. Offering low transaction fees and high liquidity, it has succeeded in holding a firm position despite all the challenges in the crypto market.

How it all started: a brief history of Binance

Changpeng Zhao, a software engineer and businessman, founded the Binance exchange to allow users to trade money and give them much-needed financial freedom. After its launch, the platform expanded its headquarters to various countries, reaching a peak 24-hour volume of more than $76 billion in 2021, surpassing other exchanges. In July 2017, Binance announced its own token, BNB, which became one of the most traded digital assets in the world. Over the years, it had many acquisitions, which allowed it to increase its offerings further and boost the adoption of cryptocurrencies.

Binance offers different services to users  

Besides trading activities, Binance can also be used for other services. For instance, users can deposit stablecoins to earn interest, and depending on the coin, they are provided with different options and interest rates. Another service is Binance Card, enabling users to convert their crypto into fiat money and pay for various services and products. While no administrative fees are required for the conversion, payment network fees do apply. Binance Labs is also part of the platform’s services, and it’s a blockchain technology incubator that supports promising projects by offering funds required for advisory resources and development. Last but not least, Binance’s LaunchPad site enables the hosting of new blockchain projects – until this month, 70 projects have already been created.

Building resilience in difficult times is one of Binance’s superpowers

The past year was turbulent for the cryptocurrency space, with many crises and failures that have shaken users’ faith in the industry. However, Binance demonstrated incredible tenacity, remaining true to its core values and focusing on the most important thing: user experience. The company has kept moving forward despite all the challenges, taking actions to support its mission, namely to build a bridge between crypto and traditional finance.

During the crypto winter, the market sentiment was negative, and values kept declining, making it seem like spring would never come again.

But amid all the fear and uncertainty, blockchain never stopped drawing interest, with many institutions worldwide jumping into the fray. There is still robust demand for digital assets, which serves as motivation to keep creating valuable and usable services for blockchain and crypto enthusiasts. Binance firmly believes that trust can be restored through hard work and transparency. After the FTX collapse, major crypto companies started to cut jobs, resulting in over $1.4 trillion people vanishing from the market. At that time, Binance’s CEO stated the exchange was planning to increase its workforce by 15-30% in 2023, adding to the 5,000 previously hired employees. But this isn’t the only step Binance has taken towards restoring users’ trust in the market. The company has invested millions to support the growth of Web3 and donated to nonprofits to help make a difference in the world.

It is true that right now, things don’t look very bright in the crypto space, but that doesn’t mark the end of the industry, as some would say. After all, the digital currencies sector is still in its infancy, and it is not right to define it by its challenges. It all comes down to how well it can handle all of the problems, and until this point, Binance has only proven its resiliency. Despite everything, the company firmly believes that crypto will come out on the other side and that all the challenges will only strengthen the industry.

Spurring market growth through continuous innovation

During uncertain times, investors succumb to FUD, feeling overwhelmed with negative emotions about the market’s performance. Considering all the previous year’s events, it’s understandable why many may lose hope. But it’s important to remember that 2022 wasn’t the only difficult year for the industry – there were crypto winters in the past, too, and the market still managed to recover somehow. Since the beginning, Binance has been committed to innovation, which will not change. The company aims to concentrate its efforts on building useful tools and investing in solid projects while urging a regulatory approach for cryptocurrencies. According to Binance, consumer protection, financial stability and market integrity should be at the core of a regulatory framework. Regulations should be adapted to accommodate digital assets and blockchain, creating pragmatic rules to ensure consumers are adequately informed.

Besides regulatory compliance, Binance also focuses on educating people about cryptocurrency. The leading crypto exchange has already increased crypto awareness in 73 universities, reaching many students. Binance Academy has also published online courses in different languages to help users acquire relevant knowledge and grasp advanced blockchain concepts. In recent months, Binance has remained at the forefront of the emerging crypto and NFT industry. In March, it launched an AI-powered NFT generator, while in May, it announced a new service – Binance NFT Loan – that enables people to borrow cryptocurrencies through blue-chip NFTs. This tool provides instant liquidity, competitive interest rates, liquidity protection and zero gas fees using a peer-to-pool approach. Many features have been added, making it a one-stop shop for financial services within the crypto community and allowing users to unlock their NFT’s potential without selling them.

Takeaway

Although it’s hard to predict the next bull market, it will likely come from all the developments in the market. There may be other challenges to face in the future, as that ultimately can’t be controlled, but Binance aims to keep building and leading by example through transparency and a focus on users.  

Disclaimer: This is a paid post and should not be treated as news/advice.  

Share

With Masters in Mass communication and journalism, Anjali's interests lie in blockchain technology adoption across emerging economies.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.